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Tuesday, July 28, 2009

Bankrupt company cites complex nature of case, Cubs sale in its 'routine' request

Chicago-based Tribune Co. has asked the court in its Chapter 11 bankruptcy case to give management four additional months to file a reorganization plan.

The parent company of the Chicago Tribune is scheduled to deliver a plan Aug. 4 but wants to extend that deadline to Nov. 30.Debtors in Chapter 11 bankruptcy cases have the exclusive right for 120 days from the date of filing to come up with a plan of reorganization.

But for the first 18 months of a case, that right is often extended. Tribune Co., which filed its case in early December last year, already has won approval to extend the deadline once.

Tribune has so far managed to work worked closely with its creditors toward a plan to reduce the nearly $13 billion in debt that crippled the company when the economy soured last year.

Citing the complex nature of the case, Tribune said in a filing it needs more time to build consensus around a plan. It also said the outcome of the pending sale of the Chicago Cubs could have a "material impact" on the plan.

"We are making significant progress in our discussions with our various creditor constituencies," said a Tribune Co. spokesman. " Our filing today is a routine request for more time."

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The CUNY Murphy Institute for Worker Education and Labor Studies

Check out the labor classes available at the CUNY Murphy Institute for Worker Education and Labor Studies. There is a joint CUNY/Cornell Certificate in Employee Labor Relations program, and undergraduate Union Semester program and the MA in Labor Studies program that I finished in June 2011 . See the info at: http://www.workered.org/

The East Coast Council handles production of low-budget feature films, defined as $8 million and below. The Council represents all below-the-line production locals within the IATSE (camera, hair, makeup, props, electricians, etc.) They take a flexible approach to the crewing of productions, by reducing member wages and benefits based on deferment.

For more information about the East Coast Council, contact either of its co-chairmen, Local 600 Eastern Regional Director Chaim Kantor (212-647-7300) or Local 52 President John Ford (212-399-0980).